Money/personal finance

Discuss what your family taught you/didn’t teach you about money/personal finance. Consider what you’ve learned about money on your own, from friends, and school. Examples include spending, saving, investing, student loans, budgeting, credit cards. 1200-1500 words

Sample Solution

My family was not particularly well-off growing up, and my parents were never very open about personal finances. As a result, I didn’t learn much about money from them. My mother rarely discussed the details of our budget, only telling me that we had to be careful with our spending because there wasn’t much room for error. Although she did provide me with some basic information about banking, credit cards, and investing in stocks and bonds, it was mostly limited to general advice on how to avoid debt and stay within our means.

One of the main lessons I learned from my parents regarding money is the importance of saving. Whenever possible, they would put aside extra income into savings accounts or investments instead of splurging on items they didn’t need. This instilled in me a strong sense that if I ever wanted financial stability in life then I needed to prioritize saving over spending whenever possible.

What I lacked at home when it came to learning about money, however, was made up for by friends who were more financially literate than myself and by teachers throughout school who taught classes on topics such as finance management and consumerism. They provided valuable insight into concepts such as budgeting effectively, creating a savings plan that works best for one’s individual needs and goals (short-term vs long-term), understanding different types of credit cards/loans/investment options available out there (e.g., secured vs unsecured loans), how interest rates work through compounding interest over time etc., which are all invaluable skillsets when preparing oneself for adulthood especially during college years where student loan debt can quickly accumulate without proper guidance/planning ahead .

In addition to these formalized sources of knowledge around financial matters though perhaps what has served me best over the years is simply being mindful with how I spend my money; tracking expenses using various apps so that at any given time I know what exactly where my funds are going towards each month helps keep unnecessary purchases under control while also helping build better habits overall; setting SMART goals when it comes longterm planning like retirement or buying a house; shopping around online before making larger purchases so as to ensure getting the most bang out dollar spent; talking openly & honestly with family members regarding finances so everyone involved is always aware of their responsibilities etc.. In other words – understanding that wise fiscal decisions today ultimately leads towards success tomorrow!

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